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Stocks In Focus SG (Lian Beng Grp, Mapletree Logistics Trust, Macro Polo Marine) – 24/11/14
Lian Beng Group has entered into a 65:35 joint venture with The Legacy Industrial (Mandai) for the redevelopment of a property located at Mandai Link Lot No. 1718L of Mukim 14, Singapore. The joint venture company, Wealth Property, has been awarded the tender for the purchase of the land parcel at the property for $21.3 million and intends to redevelop the property after obtaining approvals from the relevant authorities.
Mapletree Logistics Trust proposed the acquisition of Smart Logistics Centre for KRW21.4 billion (approximately $25.2 million). The property, located in Fashion Forest in Gyeonggi province, Korea, is a three-storey grade “A” dry warehouse with a gross floor area of 19,300 square metres, and is fully leased to two Korean logistics operators, with a weighted average lease expiry of 4.7 years. The acquisition is expected to be yield-accretive while generating an initial net property income yield of 7.8 percent and will be fully funded by debt.
Marco Polo Marine’s revenue sank 17 percent to $23.6 million for the fourth quarter ended 30 September, as the group registered lower contributions across the board. Coupled with an overall gain in total expenses, net earnings fell 40.1 percent to $2.5 million. For the full year, revenue increased 20.9 percent to $113.1 million while net earnings shrank 54.6 percent to $10.1 million.
Pacific Andes Resources Development saw a 7.3 percent decline in revenue to HK$8.1 billion for the year ended 28 September, attributable to weaker performance at its frozen fish supply chain management and contract supply business divisions. However, in tandem with enhanced operating efficiencies and improved sales leverage on fixed costs resulting from higher production volume in the fishery and fish supply division, gross profit jumped 25.9 percent. Subsequently, net earnings were up 27.5 percent to HK$953.4 million.
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